Global Low-Voltage Circuit Breakers Market Scenario
Low-voltage circuit breakers are used for preventing voltage fluctuations that damage electrical equipment. Voltage circuit breakers are vital in situations of overload or interruptions in power flow. The Global Low-Voltage Circuit Breakers Market is expected to grow to USD 1,657.2 Mn by the year 2023. Market Research Future (MRFR) forecasts that the market will exhibit a compound annual growth rate (CAGR) of 4.54% between 2018 and 2023 to reach the figure.
Low-voltage circuit breakers have become a must-have security equipment in modern electricity infrastructure. The global low-voltage circuit breakers market is expected to be driven by the rising demand for electricity worldwide. Development of new grid infrastructure in emerging economies is also providing tailwinds to the market. Policy makers in developing countries are increasing their efforts towards making electricity supply robust and efficient by improving infrastructure. As a result, there is a sharp rise in demand for electrical devices, components and equipment.
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Global Low-Voltage Circuit Breakers Market: Segmental Analysis
The segmental analysis of the market has been conducted based on application, type and region.
On the basis of application, the market has been segmented into automatic circuit shutoff, energy allocation and other. Of these, the automatic circuit shutoff segment accounts for a significant share of the market in terms of value. It is projected that the segment will reach a valuation of USD 993 Mn by the end of the forecast period. Over the years, commercial and residential application of automatic circuit shutoff has increased significantly.
On the basis of type, the market has been segmented into air circuit breaker (ACB), miniature circuit breaker (MCB) and molded-case circuit breaker (MCCB). The MCCB segment is expected to retain its leading position over the forecast period. In 2017, the MCCB segment commanded more than 50% share of the market in terms of value. During the forecast period, the segment is expected to exhibit a CAGR of 4.92% and reach a market valuation of nearly USD 903.5 Mn.
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Regional Analysis
The market has been covered across Europe, Asia Pacific (APAC), North America, Central and South America and the Middle East & Africa (MEA). Asia Pacific has emerged as a highly attractive market for low-voltage circuit breakers. Tremendous economic growth in India and China remains the primary driver of the market in Asia. Rapid urbanization is these countries has led to an increased consumption of electricity. Moreover, use of electricity in urban areas in Asia is expected to growth further in the forthcoming years. The growing urban population in the region is creating attractive market opportunities. Efforts are taken to modernize infrastructure and boost supply capacity in various APAC countries. In 2017, APAC commands more than 44% share of the global low-voltage circuit. Europe and North America are the other regions that make significant contribution to the global low-voltage circuit breakers. Investments is electricity grid infrastructure upgradation in North America and Europe is in part driving the demand for low-voltage circuit breakers in these regions.
Competition Analysis
ABB, Schneider Electric, Siemens AG, Shanghai Liangxin Electrical Co. Ltd., HangShen Electric, Hyundai Electric and Energy Systems Co. Ltd., Changshu Switchgear Mfg Co. ltd., Mitsubishi Electric Corporation, Fuji Electric FA Components and Systems Co. Ltd., Hager Group, Shanghai Electric Co. Ltd. (People
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